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Achieve your saving goals

It pays to save. Whether it’s for a rainy day, or a big commitment like a deposit for a house, if we don’t save we can’t do the things we want to or cover unexpected costs.

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How do I save?

The earlier you save, and the more you save, the more your savings have a chance to grow. Nonetheless, even a small amount stashed away is good to have.  

Short-term or emergency savings tips

  1. Your bank or building society may offer a basic savings account that you can link to your current account. By putting money into this savings account on a regular basis, either through a standing order or manual transfer, you can start saving straight away
  2. When you spend, think about rounding up the cost and putting the difference aside. Some banks may offer this automatically when you pay by card
  3. While you should try not to touch your savings, you should still be able to access your money instantly if you have a financial emergency
  4. How much you put aside for emergencies depends on your circumstances, but a good rule of thumb is having the equivalent of three months’ salary in an easy access account
  5. If you’re still feeling too stretched, calculate a budget to see where your money is going and find areas where you may be able to cut back to make some savings. You can also use our ‘Boost your savings’ tool  

Bigger goals and saving for longer term saving tips

If you’re already comfortable with the idea of setting a little aside on a regular basis, it could be time to start thinking about saving for the long-term. Don’t forget - saving itself is important, not just saving to spend.

  1. If you can afford to, put your money into an account that limits withdrawals. This way you could be rewarded with a higher rate of interest that will help your money to grow and help you avoid the temptation to spend your hard-saved cash
  2. If you have a goal, it’s helpful to have a plan that helps you reach this goal
  3. You can use the savings calculator to work out how much you might need to save to reach your goal

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Key points

  • It’s never too early or too late to start saving, the important thing is to get started
  • Build up an easy-access emergency fund first to help you be prepared for the unexpected
  • Have savings goals
  • Try to leave your money in your savings account to help your money grow

Next steps

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